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Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole conference on August 22 was interpreted by investors as paving the way for a potential interest rate cut as soon as September 2025.
Powell’s more moderate-than-expected remarks “ignited market enthusiasm.” As a result, US stock markets surged on August 22. The S&P 500 rose 1.5%, Nasdaq gained 1.9%, while the Dow Jones Industrial Average, comprising 30 blue-chip stocks, also climbed 1.9%, closing at a record high.
Similarly, spot gold prices rose 1.1% to $3,373.89 an ounce in the August 22 trading session, while US gold futures climbed 1.1% to settle at $3,418.50. The US dollar weakened by 1% that day, making gold cheaper for investors holding other currencies.
Silver prices moved in tandem with gold, with spot silver jumping 2.3% to $38.95 an ounce compared to the previous session’s close. Converted to Vietnamese dong, silver prices currently stand at VND 1,024,000 per ounce (buying) and VND 1,030,000 per ounce (selling).
Domestic gold and silver traders also raised their buying and selling prices significantly on the morning of August 23.
SJC Gold Company is currently buying gold at VND 125.6 million per tael and selling at VND 126.6 million per tael, an increase of VND 1.2 million per tael compared to yesterday morning. This is also a record high for gold prices. Since the beginning of the year, SJC gold prices have surged by more than 50%.
Regarding silver, Phu Quy Group is offering silver bars and bullion at VND 1,497,000 per tael for buying and VND 1,543,000 per tael for selling, a substantial increase of VND 36,000 per tael from yesterday morning.
When converted to kilograms, Phu Quy’s silver bullion buying price is VND 39,919,900 per kg, and the selling price is VND 41,146,564 per kg, an increase of over VND 933,000 per kg from yesterday and approaching the peak price set on July 23.
The news of the Fed considering an interest rate cut is also positive for the digital asset market (crypto). Ethereum (ETH) has surpassed the $4,887 mark, reaching an all-time high, triggering a wave of growth across the cryptocurrency market.
In the latest trading session, Ethereum prices hovered around $4,870-$4,887, surging more than 14% in just one day. Trading volume reached nearly $76 billion, reflecting strong market demand.
This is the first time since 2021 that ETH has returned to its historical peak, and it continues to be expected to lead the recovery trend in the market.
Bitcoin, the largest cryptocurrency, also showed a significant bounce, fluctuating around $116,000, up nearly 4% in 24 hours.
Several other coins also posted strong gains, including XRP, up 7.12%; BNB, up 6.42%; SOL, up 10.46%; DOGE, up 10.97%; and ADA, up 8.76%…
Silver Prices Slip Slightly
Today, silver prices in the domestic and global markets witnessed a slight dip but remain firmly anchored at elevated levels.
What Indicators Can We Use to ‘Predict’ Gold Prices This Week?
The gold price movement this week can be forecasted with some key data insights.
The Golden Peak: A Market Analysis of Soaring Gold Prices and Exchange Rates
This morning, domestic gold prices surged to a new peak. The USD exchange rate cooled off as the State Bank intervened.
“Riding the Wave of Precious Metal Profits: Silver Buyers Reap 35% Gains Since the Start of the Year”
“Since the start of the year, domestic silver prices have surged over 35%, outpacing the gains of the VN-Index (approximately 30%) but still lagging behind the impressive surge in gold prices (nearly 49%).”
“Caution Prevails in the Gold and Stock Markets”
A cautious sentiment is prevailing in the gold and stock markets, from Asia to the US. All eyes are on the Federal Reserve’s Jackson Hole symposium, with market participants eagerly awaiting clues regarding the future direction of monetary policy.
